Nearly a fifth of investment trusts appoint a new manager in the last year and a half

23rd June 2015

Almost a fifth (18%) of investment companies have appointed a new fund manager over the last year and a half, either as a sole manager or as part of a team according to the Association of Investment Companies.

Six of these have been due to a broader fund management group change. Nine of these new manager appointments have been in the Global sector, which amounts to over a quarter of AIC member Global investment companies. Another key trend has been in the Asia Pacific excluding Japan sector, where a third of AIC members have had a new fund manager over the last year and a half.

However many fund managers have a much longer track record.

Next month marks the first anniversary since Paul Niven took over the reins at Foreign & Colonial investment Trust, after a 17 year long stint by Jeremy Tigue. July will also be Hee Wee-Li’s first anniversary managing Scottish Oriental Smaller Companies. Meanwhile, Dale Nicholls marked his first year managing Fidelity China Special Situations in April this year, whilst January ushered in the first year for Mark Barnett managing Edinburgh Investment Trust, and February for Wouter Volckaert managing Henderson Global Trust.

Ian Sayers, Chief Executive, Association of Investment Companies (AIC) says: “It is interesting to see so many high profile changes in a relatively short period of time.   This is in part a coincidence, with a number of managers having retired after a long period of managing their investment companies. And, of course, some fund managers simply choose to move on to pastures new. But it also reflects independent boards addressing long-term performance issues, a feature of the sector that is often underestimated but one which can be of huge benefit to shareholders.”

Investment companies with a new fund manager since 2014 (AIC Members)

Surname First name Company name FM start date Sole manager? yes/no
James Owen Aberdeen Private Equity 30/06/2014 n
Eastman Guy Aberdeen Private Equity 31/03/2014 n
Lister Andrew Advance Developing Markets 01/07/2014 n
Moody Bernard Advance Developing Markets 01/07/2014 n
Clements Simon Alliance Trust 25/09/2014 n
Michaelis Peter Alliance Trust 25/09/2014 n
Aiki Miyuki Atlantis Japan Growth* 01/08/2014 n
Ando Kyomi Atlantis Japan Growth* 01/08/2014 n
Burghart Robert Atlantis Japan Growth* 01/08/2014 n
Merner Edwin C Atlantis Japan Growth* 01/08/2014 n
Setaishi Taeko Atlantis Japan Growth* 01/08/2014 n
Holl Thomas BlackRock Commodities Income 20/01/2014 n
Markham Olivia BlackRock Commodities Income 20/01/2014 n
Adam Ryan BlackRock Income Strategies* 19/02/2015 y
Despirito Tony BlackRock North American 05/08/2014 n
Whitestone Dan BlackRock Throgmorton Trust 26/03/2015 n
Markham Olivia BlackRock World Mining Trust 30/04/2015 n
Brookman Daniel Blue Capital Glob. Reinsurance 02/01/2014 n
Rickman Robert Cambium Global Timberland* 16/10/2014 y
Lam Ly CATCo Reinsurance Opps 02/03/2015 n
Toyer Michael CATCo Reinsurance Opps 12/12/2014 n
Davies Rhys City Merchants High Yield 03/07/2014 n
Barnett Mark Edinburgh Investment 28/01/2014 y
Brodie Douglas Edinburgh Worldwide 27/01/2014 y
Dobson Simon Establishment Investment Trust* 01/01/2014 n
Niven Paul Foreign & Colonial Investment Trust 01/07/2014 y
Bajaj Nitin Fidelity Asian Values 01/04/2015 y
Nicholls Dale Fidelity China Special Situations 01/04/2014 y
Watson Keith Geiger Counter 19/12/2014 n
Solari Mario Genesis Emerging Markets 02/01/2014 n
Letchfield Alec Hansa Trust 22/04/2014 y
Volckaert Wouter Henderson Global Trust 01/02/2014 y
Smith David Henderson High Income 02/01/2014 n
Hargreaves Ian Invesco Asia 01/01/2015 n
Parks Stuart Invesco Asia 01/01/2015 n
Davies Rhys Invesco Perpetual Enhanced Inc 02/06/2014 n
Bosch Sophie JPMorgan Brazil 04/03/2014 n
Elliot James JPMorgan Income & Growth 01/11/2014 n
Thorneycroft Katy JPMorgan Income & Growth 01/11/2014 n
Tanna Sonal JPMorgan Russian Securities 27/01/2015 n
Lewis Timothy Mercantile 30/12/2014 n
Burcheri Rosanna Mid Wynd International* 01/05/2014 n
Edelsten Simon Mid Wynd International* 01/05/2014 n
Illingworth Alex Mid Wynd International* 01/05/2014 n
Adair Spencer Monks 27/03/2015 n
MacColl Malcolm Monks 27/03/2015 n
Plowden Charles Monks 27/03/2015 n
Lunden Anna Montanaro UK Smaller Companies 01/07/2014 y
McDermott Brendan NB Distressed Debt 03/03/2015 n
Soni Ravi NB Distressed Debt 03/03/2015 n
McDermott Brendan NB Distressed Debt Extended 03/03/2015 n
Soni Ravi NB Distressed Debt Extended 03/03/2015 n
Flynn Patrick NB Distressed Debt New Global 04/03/2014 n
Holmberg Michael NB Distressed Debt New Global 04/03/2014 n
McDermott Brendan NB Distressed Debt New Global shares 03/03/2015 n
Soni Ravi NB Distressed Debt New Global shares 03/03/2015 n
Reddy Sashi Pacific Assets 01/04/2014 n
Markson-Brown Ewan Pacific Horizon 18/03/2014 n
Machin Hugo Schroder Global Real Estate* 02/07/2014 n
Walker Tom Schroder Global Real Estate* 02/07/2014 n
Matthews Philip Schroder UK Growth 30/10/2014 y
McKinnon Alasdair Scottish Investment Trust 06/02/2015 y
Hee Wee-Li Scottish Oriental Smaller Cos 01/07/2014 n
Harris Jeff Strategic Equity Capital 01/05/2014 n
Kinder Chris Threadneedle UK Select Trust 03/09/2014 y
Ure Hugo Troy Income & Growth 24/03/2015 n
Doan Louie Vietnam Infrastructure 30/06/2014 n

*Change of fund manager due to fund management group change

The AIC will be publishing follow up research on long-serving fund managers later in the week

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